Aker Horizons (AKH) Company Presentation summary

Strategic positioning and portfolio overview

• Focuses on developing green energy and industry projects to accelerate Net Zero transition, with a diversified portfolio in renewables, carbon capture, and sustainable industrial assets.

• Holds NOK 66bn gross asset value and NOK 57bn net asset value, with 70% in listed assets and cash as of Q3 2024.

• Maintains a strong liquidity reserve of NOK 7.9bn and targets 10% annual NAV growth after dividends.

• Active owner with a track record of de-risking projects, capital recycling, and forming strategic partnerships.

• Portfolio includes Mainstream Renewable Power, Aker Carbon Capture, SuperNode, and significant asset development in Northern Norway.

Key milestones and project execution

• Achieved major milestones such as the sale of Lekela platform for USD 1.5bn and JV with SLB, generating NOK 4.5bn in cash.

• Established Narvik green industry hub and secured 1.27 GW in South Africa, with multiple solar and wind projects reaching FID.

• Proven track record in Africa, with 850 MW constructed and a 4.5x return on net capital invested in Lekela.

• Ongoing consolidation and optimization of platforms, with divestments of non-core assets to recycle capital.

• Powered Land partnership in Norway secured 9 sites with 480 MW reserved grid capacity, targeting power-intensive industries.

Financial performance and capital structure

• Q3 2024 income statement shows operating revenue of NOK 19m and a loss before tax of NOK -5,819m; cash position at NOK 2,967m.

• Maintains a net senior debt of -7% of gross asset values, with NOK 1.7bn in listed and NOK 5.0bn in unlisted assets.

• Access to diversified capital: EUR 500m revolving credit, NOK 2,500m green bond, and NOK 2,550m shareholder loan.

• Liquidity remains strong, with LTV at -7% and ample undrawn credit facilities.

• Clear capital allocation strategy prioritizes cost reduction, capital efficiency, and investments with short lead times to cash flow.